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IR-2023-64, March 31, 2023 — The IRS today issued proposed regulations related to certain requirements that must be met for critical minerals and battery components for the new clean vehicle credit.

IR-2023-18, Feb. 3, 2023 — The Internal Revenue Service today issued Notice 2023-16 that modifies the definitions of certain vehicle classifications for the new, previously owned and qualified commercial clean vehicle credits.

The laws governing retirement plans change frequently. Some new laws require changes in a plan's terms and operations; others may offer plan sponsors a new option or increase benefits allowable under a plan. Plans must be operated according to each new required provision as of that provision's statutory effective date (established by Congress), and any necessary changes to the plan's language must be made by a separate date set by the IRS. If a plan sponsor decides to take advantage of a new optional rule, the sponsor must adopt an appropriate amendment to the plan language before the end of the year in which the new rule is put in place. At least once a year you should confirm that your plan language and operations are up-to-date. In addition, Revenue Procedure 2002-10 required SIMPLE IRA plans to be updated for law changes after January 1, 2002, and that IRS model adopters must have had an updated plan in place by December 31, 2002.

401(k) Plan Fix-It Guide - You haven't updated your plan document within the past few years to reflect recent law changes.

Check here for the latest news of interest to tax professionals. We will update the page periodically as the news comes in.

IR-2022-53, March 8, 2022 — The Internal Revenue Service today updated its frequently asked questions (FAQs) (FS-2022-17) on the 2021 Child Tax Credit and Advance Child Tax Credit Payments.

Information for Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities, including recent updates and related forms. Publication 515 is used by withholding agents who pay income to foreign persons.

Tax Tip 2023-124, Nov. 27, 2023 — The IRS has newsletters for a variety of tax topics and audiences. Anyone can sign up for these automatic email updates to get IRS information, news and tips.

Publication 6961 is revised annually to update detailed calendar year projections of information and withholding documents to be filed at the US and campus levels.

IR-2023-97, May 4, 2023 — The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy tax credits.